Crédit Agricole CIB assisted the People’s Republic of China Government in developing its sovereign green bond framework

On 20 February 2025, the Ministry of Finance of the People’s Republic of China (China MOF), on behalf of the Central Government, released “The People's Republic of China Sovereign Green Bond Framework” (Framework), which lays out a foundation for international green bonds issuances by the China MOF. Crédit Agricole CIB is honoured to have assisted the preparation of this Framework.

MOF’s effort in establishing its green bond framework reaffirms the nation’s commitment to supporting green and sustainable development, solidifying China’s leading position in the international green financial markets and diversifying the global green bonds market. Having a national framework could encourage more Chinese corporates to consider green bonds, which positively influence long-term development of the green financial markets.

The Framework is structured in accordance to the China Green Bond Principles (2022 Edition) issued by the Green Bond Standard Committee, and the Green Bond Principles (2021 Edition) issued by the International Capital Markets Association (ICMA). In line with the guidelines outlined on the Framework, eligible China Sovereign Green Bonds will adhere to four core components: 1) Use of Proceeds; 2) Process for Project Evaluation and Selection; 3) Management of Proceeds, and 4) Information Disclosure.
Green expenditures of the eligible sovereign green bonds will follow related requirements stated in the Green Bond Endorsed Projects Catalogue (2021 Edition) issued jointly by the People’s Bank of China (PBoC), the National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission (CSRC). 

This Framework demonstrates Crédit Agricole CIB’s ongoing commitment to support sustainable development across regions. For many years, the Bank has been sharing sustainable finance expertise with Chinese clients to support them in integrating sustainability strategy to achieve a diversified low-carbon transition.

References:

• China Green Bond Principles (2022 Edition) issued by the Green Bond Standard Committee: https://www.nafmii.org.cn/ggtz/gg/202207/P020220801631427094313.pdf     
• Green Bond Principles (2021 Edition) (with June 2022 Appendix)  issued by the International Capital Markets Association (ICMA): https://www.icmagroup.org/assets/documents/Sustainable-finance/Translations/Chinese-GBP2021-06-030821.pdf
• Green Bond Endorsed Projects Catalogue (2021 Edition) issued jointly by the PBoC, NDRC and CSRC: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4342400/2021091617180089879.pdf Will open in a new tab